Traders lobby SEC for decimalization delay

By Todd R. Weiss, Computerworld |  Government

Citing concerns about both technology and trading changes, a 7,700-member organization of stock traders last week asked the Securities and Exchange Commission (SEC) to delay by at least three months its April 9 deadline for converting the Nasdaq Stock Market to decimal-based pricing.

















Extension, Please

A traders’ group is seeking a three-month reprieve from the first test of decimal pricing on the Nasdaq Stock Market.




















Original

First pilot of 15 stocks on March 12; second pilot of 150 stocks on March 26

Full conversion of 6,000 stocks on April 9

Proposed

Pilots start in July

Increase to four pilots

The current plan, which calls for Washington-based Nasdaq to run pilot tests next month and then move to a full implementation, all within a month's time, is too tight a schedule, said Lee Korins, president and CEO of the Security Traders Association (STA) in a letter to the SEC.

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